From now until the 8th of January, Paybis' On/Off Ramp solution (web integration) will undergo updates to incorporate changes related to the UK's financial promotions regime restrictions.


Trusted KYC and FinProm regime

The Trusted KYC feature will not apply to On/Off Ramp users with a UK IP address. In such cases, clients will be required to complete KYC verification within the Paybis On/Off Ramp.

List of changes affecting UK customers:

  1. Users from the UK will be allowed to purchase only a limited number of cryptocurrencies:
    Bitcoin (BTC)
    Ethereum (ETH)
    Tether (TRC20)
    Litecoin (LTC)
    Tether (USDT)
    Ripple (XRP)
    Stellar (XLM)
    TRON (TRX)
    Binance Coin (BSC)
    USD Coin (USDC)
  2. Cooling-off Period will apply to all new UK customers: A mandatory 24-hour waiting period will be introduced between customer registration and their ability to buy crypto. This aims to give customers ample time to consider their decision.
  3. Invitation to Leave the Investment Journey (will apply to all new UK customers: Post the cooling-off period, customers will be presented with an option to either continue with their investment or abandon the journey. This step reinforces their right to make an informed decision.
  4. Personalized Risk Warning will apply to all new UK customers: Prior to investment, a prominent, personalized warning will be displayed: “[Client name], this is a high-risk investment. How would you feel if you lost the money you’re about to invest? Take 2 mins to learn more.” This is to ensure that customers are acutely aware of the risks involved.
  5. Client Categorization and Net Worth Consideration (applies to both old and new customers): As part of our KYC process, we will start collecting additional information regarding the customer’s net worth. A new questionnaire will be presented.
  6. Appropriateness Assessment (applies to both old and new customers): Customers will undergo a questionnaire related to the specific crypto asset type they wish to purchase. Failure of this questionnaire requires a retake, and after 2 failures the customer will have to wait 24 hours before being able to answer the questions again.